IVRCL Infrastructures and Projects Ltd, a Hyderabad-based infrastructure company, has sold two land properties for a total consideration of Rs 63 crore.
It has sold around 116 acres of land, out of its total land properties located at Chennai and Pune.
IVRCL is a diversified company with infrastructure assets in water, highways, oil & gas, logistics and real estate. The company has recently restructured its businesses and merged two of its group firms, IVR Strategic Resources and Services Ltd and IVRCL Water Infrastructures Ltd with IVR Prime Urban Developers Ltd, and subsequently renamed the unit as IVRCL Assets & Holdings Ltd.
The restructuring exercise was part of its plan to streamline its focus. While, IVRCL Infra will focus on engineering, procurement and construction (EPC) contracts, IVR Prime Urban will handle build-operate-transfer (BOT) projects.
IVRCL has clients mostly in government departments including Oil and Natural Gas Corporation Ltd (ONGC), Nuclear Power Corporation of India, Airports Authority, Indian Oil Corporation, Tata Steel, National Highways Authority, Ministry of Defense and other government departments.